Really this is mostly a flaw in conflating the economy with one’s material needs.
We can argue about how to interpret the data all day but inelastic goods have seen massive prices increases over the past 10-20 years. Sure, you can buy a TV for close to nothing but that shouldn’t lower the perceived inflation because it is, in-the-end, entirely frivolous.
GDP and inflation will not represent these problems in the US accordingly:
Healthcare is the top reason for bankruptcy
Housing is the most expensive it has ever been
Education is exceedingly expensive and fosters a debt many will never recover from
Really this is mostly a flaw in conflating the economy with one’s material needs.
We can argue about how to interpret the data all day but inelastic goods have seen massive prices increases over the past 10-20 years. Sure, you can buy a TV for close to nothing but that shouldn’t lower the perceived inflation because it is, in-the-end, entirely frivolous.
GDP and inflation will not represent these problems in the US accordingly: